KARACHI, Nov 24: Efforts were being made to arrange funds and the process was under documentation, chairman, Securities and Exchange Commission of Pakistan (SECP), Mr Razi-ur-Rehman Khan, told Dawn on Monday evening.

On a query about the possible date by which funds could be injected into the market, the chief regulator replied: “As soon as possible.”

Meanwhile, in Karachi a “regular” meeting of the board of directors was held on Monday.

A person close to the matter said that ordinary business was discussed. About removal of the “floor”, he said that the board had decided to wait for an update on the proposed market stabilisation fund.

The decision about the floor was quite securely tied to a “material update” on the fund from the government, SECP and the fund manager.

The source said that some members of the board had expressed optimism on a possible positive development latter during the week.

The return of Shaukat Tarin, the top advisor on finance to the PM, from his visit abroad, could stir activity on the fund’s front, he said.

On Monday, the SECP was understood to have conferred with the managers and the proposed contributors to the Rs50 billion stock market funds, which included Rs30 billion the ‘put option’ to the foreign investors and Rs20 billion representing the market stabilisation fund.

The latter purported to be contributed in equal proportion by the Employees Old-Age Benefits Institution (EOBI); the National Bank of Pakistan (NBP); State Life Insurance (SLIC) and the National Investment Trust (NIT).